Insurance Age

Datamonitor reveals pet insurance fastest growing market in UK

An independent market analysis by Datamonitor revealed that pet insurance is one of the fastest growing insurance markets in the UK. In 2007, the market reached £440m with 17% growth from the previous year, and Datamonitor has forecast it will be valued at £700m by 2012. So far, the sector's expansion has been driven by an increase in the number of insured animals and premium rate increases covering high claims inflation. However, a number of insurers have expressed concern that high premiums ma